Gränges AB (publ) ($GRNG)

Welcome to Gränges Capital Markets Day. My name is Marybeth, and I'll be your moderator today. Before we officially get started, though, I have a few housekeeping items, the agenda for the day. We're going to start off with a group of -- a series of sessions that cover group strategy. We'll have a 10-minute break, and then we'll come back and do a series of sessions on the region and investor returns. Our goal is to end promptly at 4:00 p.m. Second item is that because we have such a tight schedule, we have opened up for questions already last week, and we want to thank everyone for having sent them in already because we've been able to make the presentations answer a lot of the questions. However, should you still have a question, we've got you covered. If you're here in the audience, there's a QR code that should be on your chair, you just use that to ask a question. And if you're joining us online, in your screen menu, there is also a button called to Ask a Question and you're welcome to use that. So with the housekeeping done, let's get started with Gränges Capital Markets Day. [Presentation]

Hello, and welcome to Gränges' Capital Markets Day. My name is Marybeth, and I'll be your moderator for the day. The event is quite simple in its theme, quite clear, actually, it can be boiled down to just 3 words: accelerate towards leadership. So keep those 3 words in mind, accelerate towards leadership as we welcome CEO, Jorgen Rosengren on stage to kick us off.

A few weeks ago, one of the regional presidents in Gränges, we have 3 such delightful creatures in our in our company. And in this case, it was Patrick Lawlor, our President of Gränges Americas. He reached out and told me that we just signed another multiyear contract with one of our key customers, a big one. So locking in the market share for several years to come, more favorable pricing and also, of course, a stronger, tighter relationship with this very important customer. So I guess, all good news, and I was delighted. But still, it was kind of a matter of fact exchange because it was not the first time that I got this kind of news recently. And then I talked to myself, how am I going to be able to explain this to investors that it can be so because we look around you, look at the world today, all we have are basically crisis, risks or, in some cases, full-blown disasters like this war that's now playing in the Middle East with all its consequences, both human and economical. And the question then is, how can a company like Gränges then keep growing, keep gaining market share, keep growing our profits and how can we have such stable quality of earnings in such a volatile risky and an uncertain world. Those are the questions we're going to try to answer today, and we're going to try to answer them by explaining our Navigate plan. And the Navigate plan is something we worked according to for the last 4 years and that has driven the good results we've had to date, but it's also something that's going to guide us for the next 4 years. Now the theme for today, as you see here, is accelerating towards leadership, and you might ask then aren't you already a leader? Well, we're very proud of what we are and what the position we have reached and we're also extremely proud of the improvement in it in the past couple of years. But we're also very ambitious for the future and have many things that we can do even better for the future. So let's decide that we're an emerging global leader. And here, global is a very important and operative word because we're actually one of the very few companies in the world who can say with honesty that we're a global player in our business. I'll talk a little bit -- a little bit more about that in a moment, but first to make sure that everybody is at the same point and has the same information, I'll go over some of the basic facts about Gränges, what we do, our market, our competitors, our business model and so on. And what do we do? Well, we do something that we call aluminum recycling and flat rolling. And very simply, that means buying aluminum, buying energy and then we melt the aluminum, we cast it, we roll it, we finish it and we ship it to our customers according to a multitude of very, very specialized specifications. But crucially, we also work in closed loops, and that means that we take back spare aluminum from our customers and from their customers and from our own operations and then put it back in the closed loop, remelt it again and so on. That's crucial because it's, of course, absolutely necessary to have a good sustainability, good circularity, but it's also actually good for our profitability and not the least to build strong customer relationships such as the 1 I just spoke about. Aluminum then makes up almost 60% of our revenue. And for investors, it's crucial to know that we invoice it through at market price. So the price of the aluminum itself does not at all influence our profitability or earnings. It does, however, of course, influence our working capital, but our long position in aluminum is fully hedged which insulates us then from the vagaries of the aluminum price. And this has turned out to be a fantastic choice in the past couple of years because we've had some unprecedented volatility in aluminum but Gränges' earnings have grown very steadily and calmly throughout that period. The other 40%, that's our added value, right? So it's the cost for the fabrication, for recycling, for our services and also, of course, our profit. Now about the market. This is a large market. So the global market for aluminum components is something like 100 million tonnes or so. So something like $300 billion, huge. We're only active in one segment of that market, flat rolled products. We call it FRP sometimes, you'll hear that from time to time today. And it too has segments. And it's also a very fragmented market with the largest player only being about 10% market share or so. We sold last year about 600,000 tonnes. So that puts our volume market share, I guess, at 2%. We have 98% left to grow with, I guess. And our value share is a bit higher than that thankfully because we focus on some good niches. This is a good market to be in because it grows. It actually grows faster than the economy by a pretty good margin. And over time, that builds up to big opportunities for us. But it's also a market with large differences between our different regions. In Granges Americas, we have a dynamic where the market is undersupplied and where it is protected or at least resides behind a very stout tariff wall and that leads in that region to medium competition, I guess, you could say, and relatively high pricing for the conversion pricing. In Europe, we have a different situation. There, we have a stronger competition and is sometimes very stiff from imports. And therefore, the prices on average in that market are more medium. And finally, in Asia, we have the highest overcapacity, of course, not really any imports but very stiff competition, very tough, which leads, of course, to lower prices. And this, we can see, of course, in Gränges' numbers, but we can also see it in market statistics. So this chart here shows some commodity segments and the prices they command in our different regions. And of course, the details maybe don't matter so much, but you can see that there is a very striking difference between the price that we enjoy in the Americas compared to the price that we would get in markets such as China. Now this is not a temporary thing. It's lasted for a long while, and we think it will last for some while yet. And that's also strengthened by the forecast that we see for utilization in our different markets, where it's forecast that the utilization will increase rather significantly in Europe and in Americas, whereas it will stay flat or quite low then in China. And this, of course, gives some credence to the belief that the difference in prices can persist and maybe even widen over the next couple of years. Growth then. What drives growth in this market? Well, there are 3 very important trends that shape the market, have shaped it for a long time and will shape it also for a long time going forward. And an important one there is electrification and electrification contrary to many rumors is not at all slowing down, rather it's speeding up. And it drives a lot of aluminum demand, of course, for electric vehicles, but also for things like data centers, for things like energy storage, for things like energy transmission. All those markets require a lot of aluminum, also wind industry. Sustainability is also a very important trend for us, but I'll leave that for another speaker in a minute, who will go into that in depth. And then we have the regionalization. And regionalization creates threats, of course, but also it creates opportunities. And in Granges' case, it's fortunate, but also a little bit by design that we are very well in balance between demand and supply in each of our regions. That means that everything that gets sold in a particular region also on average gets made there. So we are, we believe, on the opportunity side of this regionalization trend and have seen that already and I think we are going to see even more of it going forward. So finally, about Granges then. We have about 800,000 tonnes of capacity, so that leaves ample headroom from last year's sales of 600-or-so-thousand tonnes to grow. And the capacity is split very beautifully in an even way across the 3 regions. You can see here about 1/3 each in Americas, Asia and Europe. And we're also split across segments in a nice way. When Granges went to the stock market in 2014 at our IPO, we were almost 100% automotive. But look at the situation now, we have segments, by the way, there are some new names for the segments here. We have segments like Climate Control. We have Packaging. We have Industrial Applications, each of which helps us even out the difference in demand that can happen in the different segments over time and have, again, steady growth, steady earnings. We have 3,500 people approximately worldwide, and we call them people who make the difference. And why we call them that it's going to be evident also in just a bit. Now I promised you some answers on how it is that we can win in this market. And it really comes down to 5 simple choices that we made early on in the Navigate plan and that we have stuck to since persistently. And first, it's that we place sustainability, people and very importantly, safety at the core of everything we do at Granges. And then the fact that we let our regions be fully empowered and make decisions close to the customers in a fast and pragmatic way and also let the regions run the operations so that we can serve our customers in an excellent way. This is a strong competitive advantage, while at the same time, also making sure that we leverage our global reach for the best effect. We have a multi-niche strategy, I'll get back to that in just a moment. And then there are 2 things to choices that are very important to succeed in this industry. And the first is that you have to have a very consistent focus on operational efficiency and on taking market share because this is after all a competitive market, but it's also important to be very, very disciplined in your capital allocation and in your risk management, all of which we'll go into later today. These 5 choices are the reason that we've been able to outgrow the market and have good profit growth and have good quality of earnings over the past 5 years, and we believe they will serve us well going forward also. Niche then. We have a multi-niche strategy, and it has meant that we have chosen about 20 niches worldwide to play in. And they are chosen for 3 criteria, to be attractive in terms of growth and profit potential and so on, to be a good fit for us in various ways, but also to fit well together to make a whole that's bigger than the part of the whole and we call that complementarity. This is a rather complex story to tell, and it actually is complex in reality too. We have a very large complexity in our business. We have hundreds of customers, but also thousands of individual product specifications, which are often very, very precise. And running this well is difficult, and it's taken us a long time to learn how to do it, but something that is difficult and that it takes time to learn is also going to be difficult to copy. So for us, that translates into our competitive advantage in these niches where we play. And the niches are chosen also to not be at the very core of what our competitors do. And our large competitors, they tend to focus on niches that are large and valuable. They tend to focus on niches that are technologically quite advanced and also money-wise, very capital intensive. And of course, then we don't go head on with them in those niches. So for instance, Granges does not make aerospace plate. But we do make other things. And in those niches, we have a competitive advantage. Now this is, of course, business 101, but you fortunately don't have to take my word for it because the proof of the pudding is that over the last couple of years since we started an initiative to really go after market share, we have outgrown the market with a wide margin, both in the 2024 and also in 2025 and in fact, in the first quarter of this year too. Now I talked about the Navigate plan and the purpose of the Navigate plan is exactly what Marybeth said to accelerate toward leadership. And we have divided it up in 3 very simple steps. We're not a complicated company, a simple one. And the first step was to finalize a very long investment program that we had been engaged in for a very long time. We did that in 2025. The second step is to utilize the capacity we built up, remember, the 800,000 tonnes I spoke about, to utilize it as fully as we can. We're about in the middle of that and we're going to have to use also '26 and '27 to get there. And then we've now launched a 4-year program that we call Optimize and Optimize aims to, well, guess what, it aims to optimize our price and our mix but it also aims to optimize our productivity, our asset productivity, our cost productivity or capital productivity in order to have a good development also going forward. Now below all this is something very important, and namely our foundation for sustainable growth. And while some other colleagues in the GMT, so our 3 regional presidents, Patrick, Colin and Fredrik, and also our CFO, Oskar, are all here to talk about the different phases of the Optimize plan. Somebody who's maybe even more competent, namely our Senior Vice President for Sustainability and Communication is here to talk about our foundation for sustainable growth. Welcome up on stage, Christina.

Thank you so much, Jorgen. One important reason for me to come work for Granges was the fact that the company takes sustainability very seriously. It is truly a part of everyday work in our operations, and it has solid commercial results, which you will see when our CFO, Oskar Hellstrom, will present in just a little while. Sustainability is integrated into our Navigate process. We have had fantastic results since 2021, you can see to my left. We are now considered an industrial leader in sustainability. I think what you can see on the graph here is fantastic. We have actually improved or decreased our carbon intensity by 46% just since 2021. This is a fantastic achievement. Here is another proof that we are doing very well in sustainability. The share of sourced recycled aluminum has increased by 45% since 2017. That is equivalent to 6.4x the level in 2017. We have a target of 500,000 tonnes of sourced recycled aluminum in 2030, which is equivalent to 10x the levels in 2017. We are already at 300,000 tonnes, a fantastic achievement. As many of you know, the view on sustainability has changed the last years. This is a reality we have to adapt to. For us, this means that we have to create a more flexible sustainability plan. It has to be adjusted to the market in which we operate and as well as the position that we have on these specific markets. In the U.S.A., for example, we have seen a slowdown in sustainability in general. Nevertheless, Gränges Americas is a recognized leader in sustainability and can leverage sustainability as a strategic differentiator towards their customers. In Europe, we can see continued high political ambitions with the European competitiveness partially relying on sustainability, although with a complex regulatory framework. For Granges Europe, we believe that the importance of sustainability will grow gradually with a potential pricing upside. In Asia, we can see an acceleration in terms of the climate and energy situation with clean energy becoming one of China's most competitive advantages. And for Granges Asia, sustainability is becoming a part of the competitive baseline. Going forward, we will accelerate the sustainability program by taking the lead in circular, low carbon solutions accelerating decarbonization and circularity of our own operations as well as operating responsibly across the value chain. We want to be able to offer leading sustainable solutions to our customers, adjusted to each niche and to the regions, so that our products are very different. And as you could see from the previous slide, the regions also differ a lot. Therefore, flexibility is needed. As for our own operations, we will continue to decarbonize by sourcing low carbon and recycled aluminum in partnership with our suppliers. At the same time, we will continue to ensure energy and resource efficiency while also monitoring emerging and existing decarbonization technologies. Fossil-free energy is an important component of decarbonization. We will continue to operate responsibly across the value chain, for example, on health and safety, business ethics and responsible sourcing among others. Now take a little look here. This is the niches as they were at the end of 2025 at the group level. On the Y-axis, you can see the carbon footprint intensity tonne per tonne, and on the X-axis, you can see the share of recycled materials. Now have a look. This is 2030. So this is how we plan for the customer solutions to develop until 2030. And as you can see, it is a pretty important step just in the coming years with 2 niches approaching close to 0 in carbon footprint. Now let's go until 2040. Here it is, 2040. As you can see, 2 out of 4 niches will have reached net 0. The other 2 are well on their way. 2040 is still far away, and the slide is, therefore, an estimate based on the current technology. But as I said before, we keep a close eye on the decarbonization technologies in order to close the gap to the net 0 in 14 years, also for the 2 remaining niches. We believe that we will be successful in achieving this target just like we have achieved our previous targets. One of the key components in reaching what I have just presented is partnerships. We will continue working on partnerships on metal and energy. We need to secure low-carbon primary aluminum as well as recycled input materials. We also need to ensure fossil-free energy. But this is only possible if we also work together with our customers. So we can, together with them, develop low carbon and circular aluminum solutions and improve recycling loops material and material efficiency for them. And the best thing of it all is when we manage to create closed loops partnerships, like a 3-way partnership or even more across the value chain, together with customers and suppliers equally. That way, we could ensure both post-industrial and post-consumer scrap into new products through innovative processes. This is very complex to set up, but it is a sticky win-win solution once it is in place. This is when I have the privilege of presenting one important piece of news. We will raise the bar. We will sharpen the decarbonization target to 3 tonnes per tonne instead of 4. It is actually a 25% reduction in the target or in our carbon emissions. It is a fantastic target to set. It's a difficult one to reach, but we are pretty sure that if we work according to the plans that we have in the Navigate, we will reach these levels, too. This is a lot in our industry. And therefore, we are extremely proud to be able to share this with you today. As much as we believe that the climate issue is an important topic, there is one area that is the absolutely most important one, and that is safety, the safety of our employees. We have about 3,500 employees that we need to keep safe. They work around the clock, 365 days a year, in heavy industrial operations in 3 different continents. Our biggest responsibility is to keep them safe. Therefore, safety is an integral part of Navigate. We have invested heavily in making safety visible everywhere. There's stop signs, barriers, signals, both from sound and lights and so on. We have reduced the key risks together and also at each site. So we are working together in teams, reducing these key sites from a common standard and also with regional and locational implementation. So we are building a robust safety system. But to reach our ambition, which is to be leading in our industry when it comes to safety, the most important thing is to have a strong safety and leadership culture. And we have come a long way with that too, but we are not done yet. People make the difference in Granges. Those are the ones creating the culture and those are the ones making our operations work, and those are the ones selling our products, and those are the ones buying our input materials. This is because anybody can find equipment, customers, suppliers quite easily, but the team, the know-how and the way of working that have been built up during decades, that is hard to copy. So we have aligned our organization to the Navigate strategy and also to take into account our -- all of our employees. We have a very lean corporate center to set the direction, manage risk and allocate capital. Then we have 3 fully empowered regions that make 99% of the decisions close to the customers and operations and suppliers. We have a 60 people strong global leadership team formed into different core teams according to their expertise and they drive synergies, initiatives and coherence across the operations and the company. To support this, we have long and short-term incentives that drive value creation and sustainability. And the result is that the whole team has a clear direction that enables fast and pragmatic execution. To reach this, we consistently invest in our people. In all regions, Granges should be a safe and inclusive workplace to be proud of. We want to be the preferred employer in each region. Therefore, we invested heavily in leadership development for many years from the frontline to senior executives. Our operating model, which you will hear more about, our engagement and the commitment from our people and the pride in the organization is what is at core for us. As a result, we are seeing good trends for retention and engagement. A very important part of the foundation is the strengthened governance that we have done throughout the years lately. In particular, we have significantly strengthened the risk management. Risks are now governed by a simpler and sharper code of conduct framework and managed by our global finance and risk team. We have intensified global trainings for all employees on this topic and we have invested significantly to improve processes and reduce risks related to metal, FX, safety and IT security. We have also tightened our investment policy and capital allocation. Oskar, our CFO, he will speak more about this and the positive effect it will have. Taken together, these actions making Gränges a better, safer and more inclusive place to work for our employees. And as Oskar will point out, these have had significantly improved -- this will have had significantly improved our -- the quality of our earnings. So in summary, we have built a strong foundation for sustainable growth. At its core, we have safety, people and sustainability, but equally important, a global governance framework that ensures that we follow a single global code of conduct and that we are disciplined in managing risks and allocating capital. So some key takeaways. We continue building an industry leader when it comes to safety, people, sustainability and risk management, and we have significantly sharpened our sustainability ambition.

Congratulations on your bold new targets. I have a few questions already in, and I'd like to ask you, but before, can we watch a video that just has come in from a customer who believes the sustainability.

Oh, I would love to.

It came from Americas. [Presentation]

Thank you, Christina.

The questions really are about the targets, the first one. And it is this. Just how much additional effort is going to be required to make them happen?

Well, we work hard already, and we will continue to work hard. It will require additional partnerships. It will require us being more efficient, looking more into recycling opportunities and so on. But we will continue the path that we are on already. And if we deliver according to plans, we will reach our targets.

And then the tougher follow-up question is the customers. I mean are they -- bluntly, are they willing to pay for this? I mean, what is the value add you give them?

Well, you just heard from Trane, some of them are willing to pay. I do think that sustainability is -- should perhaps not be regarded as a stand-alone fact. But as an integrated part of a sustain -- offering that we have -- a solution that we have to offer our customers. And if you take sustainability out of that, that would probably not give us the business. So it is an integral part of what we offer our customers. And therefore, they are willing to engage with us in that way.

Well, thank you for sharing with us your bold new targets. We're going to take a step now and look back over the last, what, 8 years, we're getting this has gone through this expansion period that Jorgen had spoken about. It's called Finalize. And here to walk us through a review of that phase is CFO, Oskar Hellstrom.

Thank you. First, the launch of our Navigate plan back in 2022, I think we have achieved a lot. And let me now tell you why I think so. In 2025, we finalized an expansion phase that was started already back in 2018, and during this time, we have made several expansion investments and also investments in new capabilities, for instance, in recycling, which has enabled a lot of the sustainability growth that Christina just talked about. All these expansion investments are now fully completed. During the same time period, we have made several acquisitions, 2 of them are major ones. All these acquisitions are now fully integrated into Granges. The result of the finalized investment phase is that we now have a much stronger footprint and 800,000 tonnes of production capacity. In 2025, we delivered 617,000 tonnes overall aluminum products, representing then a capacity utilization of 77%. Now that's not what we target. We target capacity utilization well above 90%. And this means that we now have capacity to grow some 25% or so on top of the 2025 level without having to make further investments in rolling capacity. In addition to this, as my colleagues will talk about later today, we can release further production capacity by productivity improvements and optimization of existing assets. Aluminum rolling is a capital-intensive industry. And as a consequence of this, expansion investments are typically made in cycles. And that means that investment heavy periods are followed by what we often refer to as harvest periods, where we spend only limited CapEx and focus on utilizing and optimizing the new assets for returns. During 2018 to 2025, we spent in total SEK 4.8 billion in expansion CapEx for our facilities. That CapEx-intensive period is now over. In the coming years, we expect to spend only maintenance CapEx, and that is significantly less. That is typically some 60% to 70% of depreciation. So the underlying cash generation in Granges is strong. And the actual variability in our operating cash flow is primarily explained by 2 factors: First, where we are in the investment cycle. And if we are spending capital on expansion, which is completely discretionary or if we are only investing in maintenance. And the second one is the volatility of the aluminum price, which creates timing effects on net working capital, but not structural cash leakage. If we look at the utilization and optimization period that we had from 2014 to 2017, and that also happened to have quite stable metal prices during this time period. In this period, we had an EBITDA to operating cash conversion of 72% and that is quite representative for this part of the investment cycle. If we look at the latter part of the most recent extension period, so '21 to 2025, the corresponding cash conversion was 28%. Now of course, we need to acknowledge that we spent expansion CapEx in this time period. But we also should note that cash representing some 14% of EBITDA was deployed to finance increasing aluminum price. To be able to handle expansion investments as well as the volatility in the aluminum price, Granges should not be a highly leveraged company nor should we be debt-free. We have a leverage target stating that the financial net debt should be between 1 and 2x of EBITDA. We are committed to this target, and we manage leverage with discipline. And as you can see on this chart, in this time period, we have stayed within the target range for the most part, despite having spent quite some capital on expansion. Expansion investments take a lot of energy, a lot of focus from the organization and so also during the last couple of years. At the same time, we have experienced a, I think it's fair to say, very volatile environment. including the pandemic supply disruptions, the start of the Ukraine war, the following energy crisis, the trade tensions inflation, weak consumer demand and most recently, then the war in Iran. All of these things have had an impact on Gränges. But we have focused and followed our Navigate plan and focused on the things we can control, our market share, our own productivity and maybe about all our flexibility, and the result of that has been a good and stable earnings growth, as you can see on this chart here. So from 2021 to 2025, we reached an all-time high operating profit every year. And during this time period, we had an average operating profit growth of 13% per year, so well above our 10% per year target. And with all the things that have happened around us, I think this is quite an achievement. Another way to look at this is the following, and here, you can see that since the launch of the Navigate plan have increased our earnings growth, but we have also significantly improved our earnings stability or quality of earnings, if you will, which in turn has been translated into a higher valuation multiple. And this, I think, is a very good evidence of that our strategy is working. In terms of profitability, measured as return on capital employed, that has improved from 10% back in 2021 to 11% at the end of first quarter this year. So it's moving in the right direction, but it's still below our 15% target level. And the reason for this is twofold: First, we continued to invest in expansion up until the end of 2025. And that means that we still have new assets on our balance sheet that are not yet at target return levels. And second, the increased metal prices that we have seen in this time period have resulted in a net working capital increase. But even if we have not yet reached our return on capital employed target, the solid earnings growth and improved quality of earnings have been translated into good shareholder returns. Since the IPO back in 2014, Granges has delivered a total shareholder return of close to 500% or 17% per year. Since the launch of the Navigate plan in 2022, this has accelerated further to 21% per year, far outperforming the market. So what are the key takeaways? Well, first, I think probably the most important one is that we have now finalized the CapEx heavy investment phase. And second, at the same time as we have done that, we have also achieved very good results and a high quality of earnings in a very volatile environment.

Thank you so much. That was a very, very thorough explanation of finalizes. Thank you. The obvious question, though, is what's next?

That is a very good question. For those of you who looked at Jorgen's presentation earlier, I think you know it already. But I'd say, after finalize comes utilize and optimize.

That's right. So here to walk us through that, we're going to bring on the regional presidents, Patrick Lawlor from the Americas; Fredrik Spens from Europe and Colin Xu from Asia. We're going to start with Patrick and Fredrik who will walk us through Utilize, after that, Colin will come on for Optimize.

Thank you, Marybeth. My good friend here, Fredrik and myself, obviously, have our own regional responsibilities. But we, of course, see the value of the optimization of the sum of the parts in many, many areas of the business. The meaning of the word Utilize is to put something into effective service. As you just heard from Oskar, all our assets are now in service including the expansion assets we have made in each region over the past years. Now we're working on the effective piece. Let's home in a bit or hold out a bit on the global rolled products marketplace. The global rolled product marketplace is a huge market with hundreds of different players hundreds of different choices and many, many different choices for us as a company. There are many different applications within the rolled market segment. It's in the homes that we live in. It is in the vehicles that we drive in. It is in the containers that we cook with. It is in the HVAC units, of course, that are used to heat and cool our houses. There are hundreds of applications to choose from, but we in Granges have carefully selected the niches we want to play in. These are very clear strategic choices we have made. Let's also focus a bit on some macro trends in the industry. Number #1 is regionalization. Without a doubt, regionalization gain momentum during the COVID years, and trade legislation has pushed this acceleration forward, maybe especially in the U.S. I've lived and worked in the U.S. for many, many years, and I've never seen the rate of change or the speed of change in this trade environment as we do today. It is a quite complex picture, and we can split trade legislation into 2 constituent pieces. On the one hand, we have industry-led trade legislation and on the other hand, federal-led trade legislation. Industry-led trade legislation tends to be quite long in length of time and has reviews every 5 years. The objective of industry-led trade legislation is to level the playing field from a pricing perspective. Very good examples of this are in the foil industry in our segments which cases have gone through in both 2018 and 2021 with very good success. Federal-led trade legislation is a bit more complex and uncertain regarding the outcome. Examples are Section 122 and Sections 232 for National Security. So what does all this mean from a Granges perspective? We compete mainly with imports in Granges Americas. And of course, imports are subject to all the relevant trade legislation, whether that be on the industry side or would that be on the federal side. Section 232 has also imposed 50% tariffs on all aluminum imports coming into the U.S. today. This has also pushed metal premiums up to record high levels in the U.S. So obviously, as you heard from Oskar, this has a negative working capital effect not just on Granges as a company, but also all the players within that marketplace. Fredrik, this picture in Europe doesn't quite look as complex as the U.S. Maybe you can give some views on that as well.

Yes. Thank you, Patrick. Yes, the trade barriers in Europe are, in general, both weaker and slower implemented. But though, back in 2022, when the tariffs towards the Chinese peers were implemented, it supported to level the playing field quite a lot. There are imports still going on in Europe from many different regions. But also then in 2025, the sanctions towards Russia prime was coming into force. Granges took a conscious decision already back in 2022 to phase out all Russia sourced aluminum. Now lately, the Carbon Border Adjustment mechanism that has been worked on for quite some years is now coming into play gradually. It has, up until now, quite minor implication, and it's more work to be done here in order to make it work effectively. But for all regions in Granges, we, of course, monitor those kind of developments carefully in order to know how to compete successfully. Let us now move in to see how are we as Gränges are approaching the market. As you heard from Jorgen earlier here, the market dynamics in each and every region differs quite significantly. That together with different customer structures, makes it for us obvious and clear that the best way is to approach the market as regions. That makes us be quick in front of the customers, but of course, on top of that, we have a global reach. We, as a company, are able to serve the customers in different geographies. A great example is, of course, within our large automotive segments where the Chinese OEMs, the Tier 1s in China in steps are localizing in Europe and North America. Me and my team in Europe would not be able to create that customer relationship without Colin's team. Of course, our commercial teams are used to work very tight together. They know exactly when to act together, put attention together and strive for the best return for Granges. As you heard Patrick mention about our carefully selected niches, let's have a look at them. Here, you can see the different niches that we play in today. And this is something that has evolved quite dramatically over the last years. Thinking about all acquisitions that we have made, the investments that we have made and not the least, how we have been able to develop the products in each and every niche for our customers. Today, we are into automotive. We are into industrial. We are into packaging, we are into climate control. This whole portfolio, of course, creates a strong strength in terms of commercial resilience over a business cycle. But not only that, we are moving stepwise into more and more attractive niches driven by, for instance, the electrification, the batteries, the recently also the data centers. That makes the ability for us to grow faster than the market, be very, very good. So how do we then select those different niches? Yes, at the first glance, it's a kind of generic, it's about attractiveness, it's about the fit. It is about, is it complementary or not. But let's look into it, attractiveness. Is there a growth potential? Do we believe that we have the potential to make money? That leads us into fit. Is there a technical fit? Here comes, of course, the capabilities in our plans as a super important one. Do we have the competence in terms about the market, about the applications, the processes, simply, do we have a commercial fit to enter this niche? Is it inside or outside the core of our competitors? Of course, we analyze the competitor landscape carefully. And then we are moving into complementary. And here, I think we start to touch actually on the secret sauce. Thinking about a new niche. Is it supporting or not supporting our metal management? Is it supporting our processes, meaning referring to what Oskar said about how to utilize all our assets. The demand profile, I mentioned about the diversified portfolio that we have created, but it's actually even more layers here. We have niches that are complementary also on a seasonal pattern point of view. When moving into a new niche it is, of course, very important to analyze the technology. Do we have a technology to build them? For instance, when we are moving from the traditional heating changer into the electrified vehicles, there is a technology to build on. Same goes for instance, HVAC to data centers and so forth. So that is how we select the different niches. But how are we then approaching the customers in each and every niche? First, in each and every region, sales, product innovation, the different plants plus sourcing work very close to each other. We call that a tight closed-loop collaboration. We strive for trusted partnership. First, each niche, we treat as strategic. We are long term and we stay. On top of that, over time, we develop the competence, the know-how around the processes, the technologies, the markets. All this sum together makes it possible for us to tailor the solutions. And we have, of course, proof points here. We have customer relationships that spans decades back. But also when we enter into new niches, combined with a careful selection process and this way of working, we create trust early on. As you heard from Christina, we are very determined when it comes to the sustainability. And here, the approach for us is very much based on what I just said, maybe with a possible add-on that when we think about how to create leading sustainable solution in each and every niche, it's, of course, important how that we look through the whole value chain, sometimes also including the customers' customers at the end. So the big question is, of course, all this work, Patrick, has it led to some results?

It's a leading question, I think that, Fredrik, but of course, it's led to fantastic results in all 3 regions over the last 12 months or more even then. These graphs look very simplistic in nature but you see great market share gains in not just one, not just 2, but in all 3 regions at the same time. Again, there's a huge amount of work behind this from all parts of the organization, whether that be our sales and commercial teams that have to go out and hunt for the business or on our operational teams, of course, who have to ramp up the business. This is a task that cannot be underestimated. All this has led to an increase of 9 quarters of consecutive volume increases in Granges as a whole. And our first quarter 2026 volumes were 5% higher than our first quarter 2025 volumes. But of course, the journey never ends. We had 77% capacity utilization in 2025 in Granges. We have now raised the bar and set ourselves a target of 90% plus capacity utilization in the years to come. Oskar also talked about a nameplate capacity of 800,000 tonnes. But I'm sure the competence we have within our operational organization will touch this bar ever north over the coming years. So a quick summary from this first session, myself and Fredrik at least. It is very clear, we've mentioned it on numerous occasions already. Our ambition level is to drive utilization to 90% or more in Granges over the coming years. By doing this, of course, we will push our return on capital up to 15% more. So thanks for all your input, Fredrik, very, very good. Our next session is called Optimize but before that, we are going to show a video of a partner that we have in Asia. [Presentation]

Welcome on stage Colin, and that's a great video.

Sure.

So this session is called Optimize. And as we've stated on the last session, we do have an ambition to reach 90% plus capacity utilization in the years to come. Of course, market share increase and volume increase is a key enabler of this. So we have to sell it, but we also have to make it and we have to make it more effectively and efficiently every day, every month and every year. Of course, this word optimized conveys a certain picture of internal focus. But in Granges has a much wider perspective to include mix optimization, volume optimization and, of course, price optimization. It is my experience for many years that as we ramp up capacity and utilization increases that it becomes tougher. It becomes tougher from an equipment standpoint. It becomes tougher from an operational and organization viewpoint and especially it becomes tougher from a people viewpoint. So we need a plan, we need a plan for enhanced employee engagement. We need a plan for enhanced leadership, and we need a plan for enhanced engagement at all levels. This is what we call our Optimize plan. When we use these words, Finalize, Optimize and Utilize, of course, it seems that there is a very much a process behind us. But in reality, of course, all our plants work with these concepts on a daily basis as they continuously improve the business. We have developed a new operating model over the last 12 months, and this is very much in evidence in our plans today. I'll speak a little bit more about this later in the session. We also speak a lot about enhanced employee engagement and of course, most companies speak in this way. But really in Granges, we feel we have a special way of working. We have our secret sauce that we talk about all the time. And we feel we have very good momentum for enhanced employee engagement at all levels in the organization. Colin, what's your view on this?

Yes, Patrick, we do have great process in the pipeline. But I think here, I would like to first touch upon a bit on our framework. Optimize. Sure, there are several different dimensions and in these metrics. And you see the first, we talk about the asset productivity. Just now it's covered by the Utilize part a lot. We do work a lot with critical drivers like the OEE of the key assets. We improved the change over time, increased the speed, increased available time so that we can squeeze out the tonnage out of the critical assets, very important. And also, we talk about the price productivity. It's basically about to optimize our mix. When you multiply these 2 together, we get revenue growth and indeed, we want revenue growth is beyond the market rate. And on the cost side, we talk a lot about the drivers just now we covered in the asset productivity, but also we want to cover the metal management, the procurement excellence and also very important, the fixed cost management. So when we add the cost productivity on to the revenue growth, then we drive fundamentally our operating profit improvements. And then last about the capital productivity it is about the tighter working capital management and also better capital employed returns. So when we multiply all those through, then we arrive at our return on capital improvement track. So where do we see the opportunities? There a lot talk about new customers. We have a strong pipeline of the qualification projects and then also, we see the great traction in the EV in the batteries and data centers we'll cover just now. We talk about the new customers, our R&D investments are translating into a broadened the portfolio and the solutions that we address emerging applications. We talk about the new equipment, also from -- out from the finalized phase, all the big investment come online bring us the new capacity and the capability. So we place them in a place where the growth is happening. But more importantly, we need a stronger team so that we can materialize all these opportunities. In Americas, in the past years, we successfully addressed the retention challenge. So now we have formed a very stable and committed team there. In Europe and Asia, we have completed integration phase after the big acquisition and now also, we all operate like a unified organization, and we substantially invest in the leadership training. In all the regions, we have a very detailed plan to execute and launched with very promising first results. But it's not just enough by having a right strategy, it's very important that we engage everyone from our 3,500 team member worldwide. We invest heavily in the leadership training and skill training, especially focus on our frontline leaders they translate our strategy into daily actions. We also focus a lot on communication engagement. That is our priority, too. We do a regular information sharing at all levels in many means that help us to align everybody and to motivate our teams. And the core part is to build the ownership on the shop floor level. There, we expect improvement could happen. And we cascade our targets down to shop floor level and help everyone understand what they are responsible for and how they contribute to the bigger picture. When the understanding is achieved and the improvement will happen there. We also have recognition and rewards to help us create the positive reinforcement and sometimes very healthy competition between the shifts. And finally, of course, we close the loop by adding the follow-up including the service and audit. So all this helps us to find out whether we are on track and whether we sustain the right momentum. Okay, Patrick, just you talked about operating model, maybe you can talk a bit more in detail about this.

Sure. Thanks, Colin. So as mentioned already, we have developed an operating model in Granges over the last 12 months or so. And of course, this is in the shape or form of a house and some very simplistic words when you read this. And you'll say many other companies have something similar. Many other companies in the manufacturing environment have also developed a house looking like this. The key word from us in Granges is our. It is not anybody else's operating model. It is clearly our operating model. We haven't used an external consultant to develop this. We don't have a Chief Operating Officer at a central level to put this down into the plants and regions. It has been developed through the hard work of hundreds of our different fantastic employees throughout all regions. I can really talk about this operating model for a long time, but at the foundation level, we have 3 constituent pieces. We have safety, what we call Always Safe in Granges. We have People, where we call people make the difference, and we have a workplace to be proud of. Think about excellence in housekeeping and success. We have a baseline performance, which is historical performance and we have a leadership ambition going forward how to get to our desired target places. So if you look at the baseline, think about our 77% capacity utilization in Granges in 2025. When we talk about leadership ambitions, think about our 90% plus capacity utilization target over the years to come. Everything else in between are the tools we use and how we get there. I'm not sure how many of you have walked through a Granges facility. Our plants are heavy industrial facilities and quite complex in nature, especially our larger facilities. And our operating model is a very good communication tool on a high level for all of our employees, both new employees as well as existing employees into how we work and who we are. When rolling out the operating model, we felt it was necessary to break down these complex plants we have into constituent pieces or departments. So for example, a rolling mill is what we describe as a work center. We've identified 140-plus work centers throughout our regions. We've also set a motion a set of minimum requirements with standards such as safety, housekeeping, process parameters and a wide range of other process standards. We started with pilot programs in all the 3 regions 6 or 7 months ago. I'm glad to say these pilot programs have been very successful, and we've achieved some excellent results. Our plan now is to roll out this work center concept across all our other pilot centers and work centers that we have in the regions and reach a leadership ambition target of having all our work centers under our operating banner in place by the end of 2028. I think it's also important to stand back when we look at our operating model and really describe and visualize what the intention is. So for example, if we walk through a Granges plant 12 months from now, whether that be in Shanghai or Shandong or Finspang or a plant in the Americas, what should we physically see on that location? So of course, we should see excellence in housekeeping and success. We should see everybody working safely in a safe working environment with very good safety standards in place. We should see a baseline performance that has been identified and continuous improvement activities in place at all our plants and regions. But most of all, of course, we should see our people. We should see our people working safely and effectively every day. We should see our people smiling like this great picture from Herbo in one of our plants in the U.S. Envision our employees coming into our plants and asking their families or children or loved ones into the plant where mom or dad works. Reflect on the pride on their faces when they have their families there. This is the vision that we want to create in Granges. Colin, another element of our operating model is something called Always Smarter, and I know you're an expert in this field. Do you want to talk a little bit about that today?

I'm not sure I am, but I'll try my best. Always Smarter. Yes, this is a digital and data-driven kind of transformation program we have. We see this as a very critical enabler. And basically, it helps and accelerate everything we just talked about. In all the regions, first of all, we have developed a road map towards an integrated IT architecture, aiming for simplified system, low running cost and more importantly, the accessible data foundation. These are all visualized in this slide with dotted line circle. But more than that, all the regions, we have launched different initiatives for Always Smarter, trying to embed the data-driven decision-making and the problem solving into the daily operation. We come to understand the data, the technical documents and also the cumulative know-how in any form that are becoming most important and most critical assets we have in hand. The Always Smarter actually fundamentally is about how efficiently we can utilize our assets of intelligence. Now AI is developing very rapidly, and we see the chance to leverage this. One example is that we could use that to help summarize and structure our decades of metallurgical expertise to make the accessible and actionable at very low cost. Always Smarter could also help us to enhance the ownership by providing the visualization tools. For example, if the operator can see its real-time performance on site, the behavior will change. So we believe that Always Smarter will help us to accelerate the continuous improvement journey towards our leadership targets. So now let me get back to this framework of Optimize, which will bring everything into concrete. But I don't have to repeat everything we just mentioned in this structure. You can see that we have quantified targets everywhere. Also, they are all backed by detailed plan behind. So all summed together that we end up on our headline target, return on capital employed over 15%. So now we are in this 4 years Optimize phase, and we are working towards a very aggressive, very ambitious ROCE target, 15%. It is not unachievable, I would say, it's backed by very detailed bottom-up plan in all regions and is supported by the implementation of our operating model. And then also, we have a great confidence because we have a strong track record of execution. So altogether, we think -- we believe we will deliver. Thank you.

Thank you, Colin. Thank you, Patrick. Thank you, Fredrik. It's time now for a quick break, 10 minutes. We'll see you right back here. [Break]

Welcome back. Now that we have group strategy front of mind, it's time to take a tour around the regions and look at their -- each of their unique environments. We're going to start with Asia and then go to Europe and then to the Americas. Afterwards, we'll wrap up with a panel discussion with all 3 presidents. Let's get started with Asia and Colin. [Presentation]

I was not in-person attending the Capital Market Day, the previous one because of the COVID and big lockdown time, could not travel abroad. It's a pity. So I'm very happy to show up here. And by this year, Granges has operated in China for 30 years. I've been working for Granges for 25 years and have led organization there a very long time. Many of our colleagues in the management team also worked almost the same length as mine. So that's amazing. We have a loyal, competent and experienced team. It's so great. You may see or heard about strong relationships we built in our region. I can talk a lot about growth and about the changes, but nothing can compare to the transformational change we've achieved in the past few years since we started our Navigate strategy. Today, I'm here, I would like to share with you what we have achieved, where we are going and why I'm so excited about it. First, it's very brief about where we stand. Now we have, in total, 280,000 tonne capacity, majority as new capacity new Shandong operation. In total 3 sites, Shanghai, the origin now, the mainland JV for the green metal, and then also newly acquired the Shandong operation. In total, sum up to 1,200 full-time employees. We have rapidly expanded into the new capacity last year and achieved a sales volume of 205,000 tonnes. As a result, also strongly grown our operating profit to the level mainly above SEK 340 million. Just a few years back, we were just a single operation in China in Shanghai with 80,000 tonne sales volume. We were a single focused player in the automotive heat exchanger material. We were not growing then, instead we're slowly losing our market share to our local competition. But now altogether, we are a very different business. The 3 sites almost tripled volume and import production capacity and also much broadened product portfolio. We have gained the market share at a very high pace in the past year too. So all these cannot just happen by chance. It's because that we've made the right strategic choices early on and then we executed that very well. Today, I would like to show you what it looked like. First, on the commercial side. We used to depend a lot on the automotive heat exchanger material. Now it is still the largest niche we have, 44% of our total sales. And it's still a very stable and very strong foundation for our business. The customer there are very strategic. But also, if we look at the other growth area around it, the battery cooling plate, the battery casing, battery cathode foil, electrification adds up and stand for more than 20% of our total sales. That's also not just happened by chance, by accident. China is the strongest EV market and also has grown the most in the past. So we work very closely with the key customers, OEMs, Tier 1s and try to build up the right technology, right relationships and also the right setup to succeed. As you can see today, it works. We also have distribution and other industry niches that bring us the breadth and also bring us the utilization of the new capacity that helps to create a great foundation to grow further into other niches in future. So the whole portfolio for us is the right one in Asia. We do have a lot of attractive growing segment that we can work with, and we are right positioned exactly where the growth is happening. Now talk to about our footprint. We have our Shanghai operation as original base with 120,000 tonne capacity, focused on very advanced heat transfer material and we have deep customer relationships developed over decades there. We have the Yunnan joint venture. That operation brings us 320,000 tonne casting capacity. It secures our access to the green primary metal through a nearby smelter. It is our strategic assets for our sustainability position. Then we have our Shandong operation newly acquired in late 2024. It brings us 160,000 tonne capacity, and it significantly broadens what we can do and who we can serve. I know many of you may have questions around the fire last week. But most important that no one's hurt thankfully, and we are now dealing with the situation. And for sure, there will be a negative impact on us in the second half of this year. I will talk about that in full detail in a moment, few minutes later. But back to our footprint. All these results are together from a very strong platform from which we are ready to grow. So the figures confirms that we are on the right track. Volume almost doubled, and also the operating profit strongly grown. All the sustainability metrics are moving on the right direction. As you can see, though, the return on capital still have not improved yet. But it is because that we've had fixed assets and working capital with our Shandong facility, but they so far not yet generate the higher enough returns compared with the rest of our assets, but we are on the way. I'm extremely proud of the strong volume that we've achieved. And also, I'm very proud of the profit growth that we've achieved. It also creates a pride and energy into our team. It also actually estimate that our customer can show -- can see this that we are the right partner to work with. Now let me spend just a few minutes on the batteries. It is one of our most important growth opportunities in Asia, and it's very exciting to all of us. Better technology is reshaping the commercial landscape in Asia for our customer, for our customers' customers and for us. We have focused on this for many years, and now we are starting to harvest the benefit. It is worth for us to understand a bit more in detail. So some may talk about slowdown of electrification in Europe and in U.S., but that is not what we've observed. We've seen the battery demand is growing by 23% per year from 1,500 gigawatts to 4,100 by 2030. Of course, electrical vehicle is 1 main driver behind. But also, we've seen the energy storage system for the grid, for the industries, for buildings and increasingly for data centers are growing very fast as well. The decline in cost is accelerating adoption. Also, we see the economics of electrical vehicle and energy storage systems are improving year-over-year. In China, as you all see, the EV penetration is already above 50%, even 60% among the new car sales and still growing. So China remains the largest battery market in the world, and we are right in the middle of that. Increasingly, we believe we can also leverage our global footprint to work with the customer who has the global ambition to grow, and we have a chance to grow with them as a partner. Now our flat rolled product goes to 3 different battery applications, and they are very different from each other. The first, the cathode foil. This is a very thing material from 12-micron to 20 micro is technical requirement extremely demanding. This is used for the current collector inside battery case battery cell. Now in this world, just very few suppliers can make it to the quality level, the battery manufacturing needs. Then we talk about prismatic case material. It's relatively thicker, 1.3 to 1.2 millimeter. It is used to form the outer share of the better casing. And it's through a precision forming at very tight tolerance. Another one, we talk about the pouch for you. This is actually a laminated between aluminum and polymers. This is used in the softer pack batteries, typically used in some electrical vehicles and portable electronics. In all these 3 applications, we see the LFP chemistry, which is dominant in China will require more aluminum material than the NMC chemistries. And Gränges is now is supplying the better casing and better cathecol and these are high-value and technical demanding product, and they play to our strength. So now let me close with where we are going. Our strategy rests on 4 pillars. The number one, focus the commercial position on the structure growing natures, including the HX battery thermal management, all this gives us a strong tailwind and also a strong fit with our capability. And the second is to expand our scale and strengthen our industrial capability. the Shandong and Winland fundamentally change what we can do. And now we have a great platform to serve the customer and market, we will not be able to do so in the past. And the third is a clear path to the cost leadership and the capacity utilization. This is where the most work we need to do. We -- in China, we must be cost competitive and should be the best of the word. And we've been working on that systematically, and we know what it takes. And the fourth, the sustainability is now integrated as competitive advantage with secured green primary metal with our recycling partners with our innovative low-carbon products, our customers increasing value debt and so to their customers in the world. Now the fire is the setback to us. but it's not a change to our direction. Our business has the momentum, and it has the right platform. It has the right niches and it has a strong team. Thank you.

Thank you, Colin. Let me join you. I just have 1 follow-up question before we had to Europe. You were talking about the strong relationship with the OEMs and Tier 1s in Asia and in electrification, particularly. And I wonder what business opportunities do you see with them even going overseas?

Yes, we see some leading customers in China. They see the local market is very tough. But going broad, it's a big opportunity for them. They all want to be localized. But the most concern they have is to have a secure supply chain. That means that they really want to work with a global supplier, and we have global footprint, which is really a good match on them. So also by words, since they want to create a strategy relation with us, also domestically, we are able to strengthen our position and get a lot of opportunities as well. So globally, it's beneficial for us.

Let's take a turn to Europe, Fredrik. [Presentation]

Fantastic to see this movie. It really makes me proud, fantastically proud to be part of this team. In Europe, over the last couple of years, we have strengthened the business quite significantly. We have strengthened our asset base. We have moved into structural even more attractive niches. We have strengthened our sustainability footprint. And we have constantly in each and every niche we play in, gained market share in a very weak market. That has made Granges Europe even stronger and well equipped for rapid profitable growth going forward. Let us start by looking into the platform from where we operate. We have our 2 large production sites in Finspang, Sweden, Konin, Poland and our small powder metallurgy unit in France. The total production capacity today is 260,000 tonnes. That is 60,000 tonnes more than back in 2021 after the main investments. That has created scale, of course, but even more importantly is how we have been able to utilize the fact that the sites in Konin and Finspang are very complementary to each other. We have been able, together with our customers and our team to create an even more comprehensive solutions for our customers. We have worked on mix optimizations. We have been able to work with flexibility. All this together has created strength and competitiveness for us as with this setup. With that as a base, let's look into our portfolio. Today, we have a leading position in automotive heat exchanger and complementary issues. The portfolio today is both broader and structurally more attractive in automotive heat exchanger. As you all know, we have been leading in this niche for many, many years. But over the last couple of years, we have further strengthened that position. We have rapidly moved into battery cooling plate. We have strengthened in structural sheets. And within the stable Packaging segment, we have kept a leading position in the closure niche. On top of that, we have seen and are exploring a couple of additional promising pockets within the stable segment of packaging. Industrial, batteries, we have, through extensive product and process development, created a leading position into the growing battery casing market, driven by large investments into cathode foil. Combined with product and process development, we have taken a foothold into battery cathode oil. Then we have 2 quite sizable niches within Europe, we call general engineering and distribution. Here, we have 2 items I would like to share. Number 1 is that we have increased our geographical reach. Number 2 is that this is, at the same time, a great proof point that we have been able to take market shares also when the market prices has been going down quite rapidly here. some 7% CAGR in the last years. That is, of course, a strong proof point that we have improved our competitiveness to gain market share, support utilization and the profit also from those 2 segments. We are returning back to profitable growth after a challenging 2025. Starting with the volumes, the market itself has declined by some 5 percentage points if you compare to 2021. Even though that, we have been able to grow for 10 consecutive quarters reaching nearly 200,000 tonnes Q1 2026 rolling 12 months. Profit has increased in '21 to '26 by 16% and as you can see here on the graph, in 2025 for 3 quarters, we had a big setback in the profit, largely related to large metal imbalances in the market. But we, during those 3 quarters and the years before, continued to grow, continued to improve productivity and continued to improve cost position and thereby is, of course, encouraging to see in Q1 2026 that we are returning back to our profitable growth journey. The profitability during this period, '21 to '26, as you can see, has been rather flattish. Important to note here is the fact that we have invested quite sizable into the battery cathode foil, not yet contributing to earnings. But thanks to the dedicated cathode foil team that has been working constantly with product and process development, right now are ramping up the production, we see a meaningful operational leverage also here going forward. Sustainability. We have, as you can see, increased source of cycle aluminum from 28% to 42%, taking down the carbon intensity to 4 tonnes per tonne. The start of the journey in this time horizon, back in 2022, of course, created a little bit more demanding journey given that we phased out up to 80,000 tonnes of aluminum source from Russia that was really low carbon intensity. Reaching 4 tonnes per tonne with our quite advanced and complex portfolio is not that easy to replicate. It is about creating alignment with the customers on changed customer specifications. It is for production to cope with much higher scrap content. It is about create the right collaborations with the suppliers to make the whole chain to work. It's, of course, great that we have improved the sustainability position, but it's also so that this is starting gradually to become more and more a commercial differentiator. Looking at our large segment, automotive, for instance, where the large OEMs are placing more and more emphasis on the carbon intensity, on recycle content. And that is, of course, now starting to actually support our market share gain journey. In the same way, as Colin described about batteries, which is important to us as well, I share here about electrification, which is also important across Granges. Electrification really reshapes automotive thermal management system. If you compare an electric vehicle with an internal combustion engine vehicle, the thermal management system in the electric vehicle is much more advanced. And that is, of course, connected to manage the power electronics, the batteries, the requirement on faster charging speeds, et cetera, is accelerating this. And all this, when it's happening, is good for us at Granges because the electrification is a strong growth driver for us. If you first look at the projection of the share of electric vehicles and plug-in hybrids, you can see they will increase in share. If you combine that with the fact that the aluminum content, the real aluminum content in an electric vehicle is bigger, higher intensity that creates growth, plus that rapid innovation demanding more and more advanced material solutions fits us as a company very well. So the impact on Gränges is a big plus. The 2 growth drivers here is the battery cooling plates and the structural sheets. Let's look a little bit more specific into this and think about an electric vehicle and compare that with an internal combustion engine vehicle. It is more than twice as much thermal -- sorry, heat exchanger material in an electrical vehicle. And the biggest driver here is actually the battery cooling plate, the battery heat exchanger. The traditional heat exchanger, as you can see, is a bit less. But again here, since the demands on advanced material, et cetera, is forced here with a more advanced cooling solutions that fit us very well also in this pocket. And it is the fact that the battery heat exchangers are expected to continue to increase in use, driven by that electric vehicles are moving towards more and more liquid cooling solutions and because of the driving mileage, et cetera, the -- they are increasing in size, and therefore, it's a plus for us. Now I think -- now I am speaking about battery cooling plates, I guess, 5 times, but that doesn't stop me to have 1 slide for battery cooling plates only. And this is a case from Europe. We have gone from effectively close to 0% market share just 3 years ago to now have 25% market share in this market. I mean if you think about the Q1, we, as you know, increased our revenues by the tonnage by 16%. The largest chunk of that growth was automotive, 50% of the automotive growth was electrification. And guess what? The biggest driver here was the battery cooling plate. So what are the key success factors in making this happen? First of all, it was a careful selection early on. It is a growth market. It fits us very well. But most important, of course, our people. The strong commercial team staying extremely close to the customers, supported by our engineers with their thermal know-how. And it is as well a great example on how we are harvesting the complementary two production sites in Sweden and Poland. The outcome, here, now we have contracts for the platforms to come with the majority of the large OEMs. That creates resilience. So let me summarize. Granges Europe, we are outperforming a challenging market through focus and discipline. We have developed a resilient position in high-value selected niches. We have made major investments that, yes, we have started to harvest but more to come. We have created a strong market share gain momentum and that by itself proves our improved competitiveness. On top of that, we have increased and improved our sustainability position. And that, by itself, will create a commercial differentiation also going forward. So Granges Europe is today a stronger business with a great foundation for continued rapid profitable growth. Thank you for listening.

Thank you, Fredrik. Mind if I come and ask you a few questions?

Absolutely.

I wanted to ask a human question -- a people question about this taking market share. I understand from talking to you earlier that it's really impacted the mindset of your team. Can you explain a little bit more how?

Yes, I would be happy to. I mean First of all, I think that we like to win. And of course, when I'm me, myself for people in my team are meeting, for instance, with the Aluminum Association, we meet on a quite regular basis. There are our peers in the region. And it's a fact that you hear very frequently that Granges is outperforming everyone. And they also, on top of that, now that we profit-wise are in a stronger position than our peers, so yes. And then I could also mention, I mean, I don't know how many customer meetings I have been sitting and listening to when my team is taking the credit from the customers saying that Gränges, you are really role model when it comes to driving sustainability.

As Christina was talking about earlier.

Exactly.

Wonderful. But I suspect that continuing to gain market share will get harder and harder going forward. How will you sustain this?

This is about our careful selection of the niches. Since we have now moved into even more attractive growth issues, we have the ability and the foundation laid for growing faster than the market. So that is our plan.

All right. Well, good luck.

Thank you.

Now we'll go to the final region. Patrick Lawlor will talk us through the Americas. Thank you.

The story of Granges Americas is a great one since the acquisition of the assets back in 2016. Since then, we've achieved record year-over-year results in terms of revenue, in terms of earnings and of course, in terms of return on capital employed. It's also a story of great resilience. We've achieved these results despite a very volatile external environment with issues such as a very, very high inflation rate in the U.S. over the past years. The highest metal price we have seen in history. Our largest market segment, the HVAC market being down 40% plus in the second half of 2025. A real tough labor environment. And of course, as you heard a bit already today, a volatile and uncertain trade landscape. Contrasting with this, our internal strategy has been clear, consistent and precise. Very good earnings in terms of our investments we have made, a clear strategy on the commercial side. The use of our operating model both to drive operational stability as well as operational improvements. And of course, great execution, have all helped us to achieve these results over the past year. First and foremost, I'm extremely proud of the organization for these achievements. Given our excellent track record, we are very confident in our own ability to continue this story going forward and drive our performance going forward ever improving. Now let's go into a bit more detail. Our 3 facilities in the Americas were all built in the 1960s. But through good investment, great people and great maintenance, they are all very efficient facilities today. Our Huntington location in Tennessee is our largest location with approximately 70% of all our volume. Our capacity utilization in 2025 was 85% and we now have an ambition to reach 260,000 tonnes over the years to come. We have a multi-niche market strategy and have a relatively high market share in the segments that we operate in. We operate in the foil space of the North American rolled product industry. This foil space accounts for approximately 11% of the entire North American rolled product market. The foil segment has been relatively stable over the years, but in recent years, we've experienced some more volatility, especially in light of the HVAC market demand. This has been offset partially by the growth in the data center market, which I'll speak a bit about in a few minutes. Despite the relatively weak marketplaces, we have achieved 8 consecutive quarters of volume growth. In addition, our price increases every year tend to offset the ever-rising cost of inflation in the U.S. We have also invested very heavily in the business between 2019 and 2024, especially in our Huntington and our Newport locations. These investments have been very good as evidenced from our ever-increasing return on capital employed percentage. Super case to note is our Newport location in Arkansas. When we acquired the business back in 2016, this location had 14 employees. Three rolling mills that had been idled by the previous owners 5 years before we acquired the assets. Today, our Newport location is a thriving location with more than 160 employees, 3 modernized rolling mills and 1 of the few players operating in the light gauge market segments of the rolled product marketplace. A great story for the Newport team, a great story for Granges Americas and a great story for Granges overall as a company. We also have a great story on sustainability. We have reduced our carbon emissions by more than 40% since 2021 and by more than 60% since 2017. This is mainly as the result of very high scrap consumption, ever improving on an annual basis. We are now close to 70% scrap consumption in the first quarter of 2026. We are also using much more post-consumer scrap. The HVAC market is a very good example of this. Most end-of-life units within the HVAC markets are recycled, probably 85% to 90%. And Granges Americas captures a lot of this value and a lot of this volume within that market segment. Our profitability numbers speak for themselves. Having said that, we have achieved 13 consecutive quarters of increased earnings. Our first quarter 2026 result was the highest result we had in the history of the company. As mentioned already, we have an ambition to reach 260,000 tonnes in the years to come or 280,000 tonnes if you include our imports from our sister locations in Sweden and in China. Let's zoom in somewhat on our largest market segment, which is the HVAC market. The HVAC market represents approximately 40% of all the volume we have in the Americas. It can be split into 2 distinct segments. On the 1 hand, we have the residential market, which accounts for 75% or so of the volume. And on the other hand, the commercial side of the business, which represents remaining 25%. Furthermore, we can break down the residential market into replacement, which is 80% and new housing starts, which is the remaining 20%. It's been a real tough 18 months for the residential market for HVAC. Market volumes are estimated to be down 20% in 2025 and a further 10% in the first quarter of 2026. Despite this, our market volumes within HVAC have been flat in 2025 and again flattish in the first quarter of 2026. We have obviously gained significant market share within this marketplace over the last 18 months. The commercial market is much more stable over the years and consists of many different subsegments. Examples of the subsegments within the commercial side are retail, restaurants, hospitality and the ever-growing market for data centers. We talked a bit about this morning about the global rolled product marketplace -- we talked a bit about this morning about the global rolled product marketplace and the estimate of 4% growth over the coming years. The data center market, obviously strictly outpaces this market growth and is a very good market for us to be in, in Granges Americas and Granges as a group. The growth in the data center market is obviously fueled by the explosive growth in the use of AI. One extraordinary fact is that 90% of the world's data was actually created in the last 2 years. Earlier on today, we heard Colin speak about our Always Smarter strategy. And of course, I think Gränges are at the very early stages of this strategy like most other companies but a very exciting strategy and the need for data going forward is quite intense. Good news for Granges is that the data center market is very aluminum-intensive. 70% or so of this marketplace is within the cooling side of the business. Good news from the Granges Americas perspective is this is a market we know very well. We have existing relationships with our HVAC OEMs and also now have relationships with system integrators. 50% or so of the data centers in the world are now located physically in the U.S. So as you hear, a very good strategic segment for Granges Americas, especially, but also in future Granges Europe and Granges Asia. Our volume in Granges Americas was approximately 4% in the data center market in 2025. We estimate that 7% to 8% of all our volume in the Americas would be data centers for 2026, and that percentage will increase on a go-forward basis. Finally, a quick summary for Granges Americas. We have an excellent track record of performance since we acquired the assets back in 2016. Our foundation is ever strengthening, whether that be in terms of safety, sustainability, operations, or many other facets of the business. We are very confident in our own ability to continue this story going forward. Also have the pleasure in a way being the last out to make a summary for all 3 regions. So as you hear a bit, every region is quite distinct in nature. We all do something a bit the same. We all do something a bit our own way. But I think much more every day, we see a commonality between the regions and how we work together as a team. Some examples of this. We have invested very heavily in growth assets in the last few years. We have gained significant market share in all 3 regions over the past years. Our sustainability story is an excellent 1 across all the 3 regions. And now we are using our operating model as the glue that binds us together on the operational side of the business. We have established very good momentum in all 3 regions, and we're confident enough to raise our leadership ambitions for the years to come.

Thank you, Patrick. I have a question for you, if you don't mind. And it's about the video we saw during Christina's session on sustainability. It was with a company called Trane, and they're your customer, right?

Correct.

Yes. And so I know that they're a very important customer to you, but I was hoping we could take a moment and you can explain a little bit more about how and why.

Sure. Thanks for the question, Marybeth. Yes, first and foremost, their head office is in Ireland. So that's a perfect starting point for us in Granges Americas at least for me personally. Now the Trane, as you heard in the video, a fantastic customer. We've, like many customers in Granges Americas have long-standing deep relationships. Trane is 1 of the customers we have. Number two, I think Trane at a core, they have a core of sustainability. So when you hear Trane conferences and seminars, they talk about sustainability as a core value. And this is very much an evidence in terms of our core value for sustainability as well. And that effect, as we heard in the video, in fact, we did receive the sustainability award for Supplier of the year back in 2025. He also mentioned the fact that we stood in last year when Trane had some supply problems from a second vendor and at short notice, we stood in to make sure their lines were kept running. But I think all in all, long-standing relationship great customer, like many of the customers we have in Granges Americas.

Thank you, Patrick. How about we sit down with Colin and Fredrik and have a little chat?

Sounds good. .

Colin, you haven't spoken for a while, so maybe I could start with you, would that be all right? We have a few questions in and there, of course, about the fire last week. So tell us what happened.

Sure. Yes, in late night on Sunday, a week ago, there was a fire broke out close to our hot rolling mill in the Shandong facility. Fortunately, nobody was hurt. That matters more to me. But of course, the electrical system will damage and need to replace. Also luckily the hot mill itself, the rest of the assets and downstream operations, they are still in a good shape. So that's good. But we are, of course, dealing with the situation with 3 priorities. The first is trying to understand the root causes. The second is really to protect our customer. And then the third is try to get it back to work. It may take up to 6 months, but we are really pushing hard to make it faster.

And a follow-up question to that is really what does this mean for business going forward?

Yes. We do see some negative effect during the second half of this year, for sure. How big impact is it really depends on the repair time, how fast that we can repair and also depends on how much hot rolled coil we are able to source externally, which we have done before. Roughly Shandong operation contributes on about SEK 15 million per quarter. This gives you a sense of the exposure we have. But also, we have the insurance for the property damages and also business interruption, so maybe over time, the total impact on our net profit could be limited.

Thinking a little bit bigger about Asia as a whole and not just this event last week. As you said, you've been there for 25 years. That's quite some time, and you've really transformed it dramatically in your tenure. But the question is we all want more. So what's next? Or what's left in your ambition for Asia?

Sure, we still have very high ambition. China is really a fast-growing -- Asia is a fast-growing region for flat rolled product but also technologically on the commercially China is still the powerhouse for many interesting niches, the EV batteries, renewable energy, many things like that. And we are really competing in these attractive niches with strong tailwind. So that's a very strong reason. And also, we have a very good strong record -- track record since 2021. We have more than doubled our volume, and then we've grown and built a very strong team, more than 1,200 employees. Very, very proud of what we've achieved. So when the Shandong hot mill aspect, I'm sure we're back up. We will pick up exactly where we left off and resume what we planned for.

A question for beyond Asia for the whole -- all of the regions. Patrick, you mentioned briefly earlier that you have no COO and that made me think you don't. My goodness, most of these global companies have that role. And they also have things that you don't have like a CTO, you don't have a CTO or a CCO. So how do you work together with this operating model and not just the 3 of you because it's clear that you all get along and talk a lot, but how do you make that cooperation go deep into the organization?

Sure. I can take a stab at that one, Marybeth. I think maybe on your last point is because the 3 of us are not actively engaged at that level. That's the fair word. No, but actually seriously, as I said a bit on the description, we really have engaged people at all levels of the organization for this operating model and the way we work. And it's not just 1 region, it's all 3 regions at the same time. I think 1 good example is the fact that we have a monthly call, there are probably 60 of our employees worldwide. And that comes from Asia, comes from Europe, it comes from the U.S. and many different areas of the business: HR, operations, safety, many other different areas. But the purpose of this is really to share best practice between the plants. And of course, sharing best practice is 1 thing, but implementing is completely different. I think that's part of the culture we have in Granges, part in our hearts as well that it's not just sharing stuff, but there is a great culture to take best practice. No one's telling them, no, CTO or COO is telling us to do this but it's done naturally as part of the culture. So every month, the next month, then we start with both sharing best practice, but also the other plants giving examples of how they've taken that best practice and implemented already in their own locations. And I think that's just a great culture for the company to work with.

And if I continue there, I think it's about reaching ownership. And with this model, I'm thinking about, I mean, in the design phase of creating the operating model instead of having a staff or a COO who is leading this, it's all our plant managers deeply involved in setting the design for how is this going to work. I think it's also very encouraging for people to have this, okay, I have my functional role. But aside that, on top of that, I'm part of something bigger, where I need to contribute in order to get this to work. And that, I think, at the end then is creating good prerequisites then to reach the ownership all the way to where it's the most important at the work centers.

Do you have an example of something you've implemented recently from another place?

Lots. I think we have some very good boards a very good story about this, but we in the Granges management team, we had a visit to an external company. So every time we meet together, we all visit an external company to learn, and we visited a company in Sweden, it was probably last year, I think, in fact, we walked around the plant as we everybody was there. And we walked around the location, and they had some visual tools that were fantastic, words and fire, they call it them. And we were looking at Granges Americas to implement something similar and we're trying to find something to implement as a good visual tool. So we took this tool. We stole with pride as we say in Granges and we implemented this very good visual tool in Granges Americas. So now you see all our works...

So the data is ports that we've seen on slides.

Correct, Marybeth. And then following there, of course, my good friend here, Fredrik, immediately saw this and Finspang saw this, and I said, "This is fantastic". So within a month, I think it was a very short space of time. We saw very similar boards, visual boards in the Finspang plant. So I think it's just a real good example of how we work together in Granges as a team.

And in Asia, too.

We have the home made, but a very similar type.

It's actually less expensive.

I know.

That's a really great story. I appreciate you sharing. I wondered if we could take a step back and talk about an industry specifically, where you are working together concretely and I was thinking about the automotive industry. I mean, how does that work customers with you individually and then collectively, can you tell us a little more.

Yes. I can take an example. I mean I shared here earlier today about the Chinese OEMs and the Tier 1s in China that are in steps localizing in Europe, in North America, and as I said, there have been -- me and my team wouldn't be able to create that close customer collaboration without Collins team, and yes.

Yes. But to because remember, a couple of months ago that we joined to visit customer -- these customers and the top guy show up and really show a strong willingness to cooperate with us globalize. It's just because we face them jointly. And then also we have global reach, global footprint, everything is strategy for them. So that's really a strong example. I think we have many cases like that.

That's a great example and also connected to Americas because at the very same meeting, they wanted to have, okay, how do we set up a supply chain when you're exporting with the certain capabilities that we have in Asia and Europe into Mexico. And we wouldn't be able to create a trust or be able to do that without a strong local support from Patrick's team.

I think it's a great point, Fredrik. We have a local organization, of course, in the Americas, to handle imports both from our plant in Shanghai, of course, and our plant in Finspang. And in this trade landscape environment, which is very tough to navigate around and very tough to understand, it's great having local teams with that type of competence to be able to understand what the implications are, for example, in the tariff environment, for example. And with these changes we saw last year with Section 232 moving from 25% to 50%, the implications from a cost perspective are absolutely enormous, of course. So I think it's a very good examples of the global teams working together from a commercial angle to make sure that 1 tariffs are clearly understood very quickly in terms of the confidence we have within the organization, but also make sure that the cost implications of these tariffs are passed through in the marketplace. So I think that's another really good example.

I agree.

The automotive industry is just 1 example. And is it the easiest industry to collaborate in? Or can you compare it to -- can you pick up some other industries and then compare and contrast?

Yes. I mean now what was popping up in my head, it's not only in the commercial side, actually, it could also be on the sourcing side. For instance, I mean, of course, predominantly, all sourcing flows are regional, I would say. But we have examples where we through combined efforts could create, let's say, contracts. In this case, I'm thinking always was between Americas and Europe. So it's actually examples throughout the whole the whole operation, so we say.

Okay. Thank you, all of you for answering my questions. I appreciate it. And it means that it's now time to start pulling everything together. So we've listened to a series of sessions on strategy and ambition and execution. And back to join us is Oskar Hellstrom, the CFO, and he's going to explain how this is going to lead to better returns for investors. When he's done, Jorgen will come back and close the session.

So first, I would like to take the opportunity thank you all in the audience for all the good questions we have received. We have tried to answer as many as we could of those through the regional presentations and hopefully, I will be able to answer quite a few of the remaining ones through this upcoming session. If we think about what we've heard so far today, I think it's fair to assume that the financial profile of Granges will be changing and that we will see significantly stronger cash generation going forward. The finalization of the investment phase means that we will have much lower CapEx in the years to come. Increased utilization of -- well, to above 90%, which is our target, that will mean a significantly higher EBITDA generated by the existing assets. And then optimization of our net working capital will allow for a higher sales than working capital growth. If we revisit what we talked about earlier today, we noted that we, in 2021 to 2025, had an EBITDA to operating cash conversion of 28% burdened by the expansion CapEx, but also from increasing metal prices. For 2026 to 2029, we believe that a reasonable ambition for EBITDA to operating cash conversion is 70%. And that, I think, answers many of the questions that we have received from the audience here. We don't provide forecast this far out in time. But if we use the latest analyst consensus, 70% EBITDA to cash conversion would mean an operating cash flow in Granges of over SEK 8 billion over the coming 4 years. Now the 70% cash conversion assumes stable aluminum prices. Is it likely to believe that the aluminum price will remain stable? Well, the honest answer to that question is we don't know. So if we look at what the market thinks right now and the broker estimates, they are indicating falling aluminum prices over the coming years as the current supply demand imbalances is currently being corrected. Now if this becomes true, this will mean a further tailwind to Granges' cash generation on top of the targeted 70%. So we significantly stronger cash generation expected, I think the fair question to ask is how will that cash be deployed? Now let me now take you through how we think about capital allocation. Our first priority is always to run our existing business well. And this means allocating capital to fund working capital as we grow. It means maintaining our existing assets, funding maintenance CapEx, some 60% to 70% of depreciation every year. It means maintaining our leverage within our target range of 1 to 2x EBITDA. And of course, it means paying our ordinary dividend to our shareholders in line with our dividend policy of 30% to 50% of net profit every year. Once those needs are covered, our second priority is share buybacks. We think this is the right use of capital at this point in our investment cycle. It's a disciplined way to return capital to our shareholders when we cannot deploy it elsewhere at attractive enough returns. And our Board of Directors have a mandate from the AGM to repurchase 10% of the shares in Granges and we will use that once the criteria are fulfilled. Third, we will always consider acquisitions and further expansion, but only when the returns are genuinely attractive. We will not make acquisitions just for the sake of growth. Taken together, we believe this framework will support continued and growing returns for our shareholders. Another question that many of you have asked is the following one. We actually anticipated this, we made a slide already upfront. And that is, of course, when will you start with the buybacks? The simple answer to that question is that it will depend on the development of leverage going forward. To start buybacks, we need to see a net debt-to-EBITDA at or below 1.5x on a sustainable basis. And the reason that the bar is set at 1.5x rather than 2x, which is the top of our target range, as you know, is that we need to have some meaningful headroom to absorb swings in working capital created by the volatility of the aluminum price. And this gives us the confidence to execute buybacks without risking to breach our leverage target even if the metal prices will move against us. But that being said, we are strongly committed to start buybacks as soon as the leverage permits. So the key takeaways, what are those? Well, I would say, they are the following ones. It's fair to expect significantly stronger cash generation going forward and that we are aiming at a 70% EBITDA-to-operating cash conversion over the next 4 years. That we are highly disciplined when it comes to capital allocation, and that share buybacks are prioritized as soon as leverage is sustainably at or below 1.5x EBITDA. With that, I'll hand over to our CEO, Jorgen Rosengren, who will summarize today's session. Thank you.

Thank you. So now you've heard from all of us here in the group management team. You've heard from Christina, from Oskar, from our 3 regional presidents, Patrick, Colin and Fredrik and you're now hearing from me again. And I hope and we hope that the presentations that you've gone through today that we've gone through, give you a good picture of what our foundation is, what our plan is for the future, what our performance has been and also a picture of the similarities and also differences between our different regions. Personally, as I've been sitting and watching this, I've had a different impression and it's been an impression of a very strong management team. but not only a strong team as strong individuals, but also really good teamwork in this team. And if you have the same impression, then you've learned something very important about Granges because our group management team, the individuals, but again, the team and also our global leadership team with 60 highly talented people in our 3 regions globally, which again consists of really good, strong individuals picked for that purpose, but also is in itself a strong team that does most of the day-to-day global management work of Granges. If you've understood that, then you also understood a little bit how it is that we can achieve the results that we can achieve and also how we can be confident about the future for Granges. Now let me say a few words about the future for Granges, where we're headed and about our confidence also. And the first takeaway then is that we are today reconfirming our financial targets. And that's not a difficult decision to make. We make it with full confidence based also on really good performance we think. So we have profit growth where we're promising to grow faster than 10% per year on average over time. And that's something that we have done, not only in the last 5 years or 4 years with a good margin, but also for almost any other time period, if you look back in time, and it's definitely something we're committed to doing forward also. Oskar spoke to you a little earlier today about our discipline in maintaining a good leverage, which gives us room both up and down to move with various market swings. And we've been very disciplined in maintaining that between 1% and -- 1x and 2x EBITDA, and of course, we're committed to doing that also. And with, I think, the exception of one year, which had to do with COVID, of course, we've paid a dividend every year like clockwork between 30% and 50% of net profit. The one target we haven't yet reached, but you've got to have something to do in life, is the 15% ROCE targets. And the reason we haven't reached it yet. We've also talked about today, it has to do with the development of the aluminum price. It has to do a little bit with some of our most recent investments that aren't yet fully paying their way, so to speak, but we are going to reach it. And that's a very ambitious target in our industry to have. It's also far, far above our cost of capital, but we do intend to reach it, and we intend to reach it as follows: You've heard today about our starting point, which is 11%. And you've heard about our 3 steps where we are still engaged in step #2, Utilize and we think that Utilize has the potential to add around about 5%, percentage points that is, to our return on capital employed metric. And that's really a simple math. It has to do with the utilization level we're after and our operational leverage and the fact that we have ample capacity to meet that -- to accommodate that growth. Then we have Optimize, and there we're being slightly less precise for some reasons. We're saying there is 4% to 6%. It's not 5%. It's 4% to 6% for Optimize our potential to further raise our return on capital employed. And then unfortunately, in our business, in many businesses, but also in our business, you have to count with some headwinds. And there are many actual and potential headwinds, of course, in our industry, but we're factoring in a 4% to 6% headwind also, I guess then making us come out very comfortably here on this 15% level. But this is not something that we're just seeing here. This is backed up by very strong and detailed plans for each region, each business and also for the group as a whole to succeed with Utilize and Optimize plans in this way. Throughout the day today, we've signaled that some special takeaways are more important than others. And I would like to take a moment just to walk you through them now because I think taken together, they give a very clear picture of where we stand and what we're planning to do going forward. And first takeaway is, of course, as we've said many times that our investment phase is finalized and that, that gives a lot of room for increased cash flow going forward. Already in the beginning of the session, Christina revealed that we've raised our sustainability ambition. We've tightened it. So instead of 4 tonnes per tonne, which was our previous target for 2030, we're now aiming for 3 tonnes per tonne in that year. And that doesn't sound like such a big change, but it's a huge change. And it's also a testament to our ambition to be leading in sustainability now and to be so in the future also. We've talked a lot about getting our utilization up to 90%, and we have talked a lot about our 4-year Optimize program. And finally, with the presentations from each of the regions and the panel discussion, I hope that you've got a strong feeling also that each of the regions has a very strong ambition level for its own business and that the regional presidents also share the ambition level for Gränges' business as a whole. And these 3 points here, 3, 4 and 5 together is what is going to take us to the 15% mark. Then Oskar spoke about a stronger cash flow ahead and a new guidance for capital -- for cash conversion and also promised that we're going to be extremely disciplined about the allocation of that cash -- of that capital. We will, of course, look always for good investment opportunities. Every business will do that, but we'll only look into investment opportunities that return significantly higher when adjusting for risk than share buybacks do. And share buybacks are priorities now, and we will execute share buybacks as soon as leverage permits, as you just heard the CFO say, so it's got to be true. Finally, we confirmed our financial targets. I already spoke about that. And then we have, very importantly, our ambition to build an industry leader. We also talked about how we're going to do that and here's some repetition for you. What we're building on is a foundation for profitable growth, which is based on safety, people, sustainability and also in the discipline, I spoke about, in our governance when it comes to cash, capital allocation and risk management. And then we have the 3 steps Finalize, Utilize and Optimize. And as I think it was Patrick remarked, these, of course, overlap. So it's not three distinct steps. Now we stopped 1, finish, go to another. But rather as you can see, there's a significant overlap between these 3 steps. And in practice, we're, of course, working every day in parallel with these. But we do have the ambition to reach our Utilize target by the end of 2027. And we do have the ambition to run this Optimize program for 4 years, improving our results every year. And that is going to lead us then to our ambition, our overall ambition, which is to build an industry leader. And specifically, we promised today to get the ROCE up over 15%, to keep an operating profit growth of 10% a year, to show a stronger cash flow going forward based on the situation we're in, and to be disciplined about our capital allocation and also risk management. And then finally, we raised our carbon target for 2030 and are still aiming for carbon neutrality by 2040. This is the plan. Now my own hope is that you will take away from this, our confidence in this plan. We really feel that we have the starting point, we have the foundation, we have the team, and we have the commitment and momentum also to make this happen. So we're actually quite confident that we're going to reach these targets. And we're also very confident that we're going to be able to build an industry leader in aluminum recycling and flat rolling. We're not going to build the biggest company in this industry but we are going to build the best one. Thank you for attending today, and we're very much looking forward to your questions in the next session. Thanks.

All right. Thank you, everyone. This session may be over, but the conversation is not. Anyone on the call who still has questions can reach out to Oskar and the whole team, and they'll get back to you and have that conversation. People here in the room with us, the very warm room, are welcome back to [ Line ] 19 for giving us headquarters to talk there. Thank you very much for joining us for Gränges Capital Markets Day.